All Forum Posts by: Jake Andronico

Link to Reno, NV ADU Update

Exciting news for Reno. Curious to see how it changes the landscape of housing (if at all), for homeowners and investors. 

Investors in CA, what have you seen the positives and negatives of ADU's in your area?

@Jaxon Johnson

Congrats man!! Super powerful strategy. I've house hacked twice in Reno, NV and it's completely changed my life. Here is what I learned and what I regret: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

Quote from @Kevin Dehesa:

Quote from @Jake Andronico:

@Kevin Lee

Yes sir. Message me for the info. 

 i may be 2 months late but is this still valid?

Yep. I'll shoot you a message. 

@Adam Gardner

You're in a fantastic spot! 

What do you spend per month, and how much do the properties earn net per month? 

@Senda Gopalakrishnan

Welcome to BP! You're in the right place :) 

What strategy initially stands out to you, if any? 

@Hannah Moreno

Congrats!! If you can afford, incredible long term play. 

For me personally, I moved to Reno, NV to still be close by, but also be right next to Lake Tahoe, better landlord laws, property taxes do NOT reassess on the sale, etc. 

Make sure you know the tenant laws inside and out if you're involved in CA. If you do know them and have a good lawyer/team if something gets wonky, it's a super high demand area that will continue to grow. 

Just has to make sense for you, and be within your budget. Best of luck to you!!

Quote from @Taylor Steenburgen:

Quote from @Jake Andronico:

@Taylor Steenburgen

I'm incredibly bias (so take this with a grain of salt), but I've worked with many long term and short term investors from Sacramento that look into Reno, NV. 

Have a great STR operator who can show the ropes, has an STR specific calculator, and help with set-up (furnishings, dialing in the listing, cleaners, photos, etc.).

He's been operating properties here for quite a few years. 

My understanding is there are some solid markets around Sac still in CA as well. 

Be careful not to jump into anything too quickly. 

Off-setting taxes is great, but you don't want to rush into a purchase and get a property that may not make sense. 

 I am surprised to hear Reno. Is it the combination of casinos and the college that makes short term work there? 

People keep sleeping on Reno. We've increased our population by 100K since COVID. Massive projects in the works, Google, Amazon, Tesla expanding, lots of manufacturing. 

You have to stay competitive with hotels, but a lot of people like having a kitchen and being walkable to Midtown and nearby the Casino core. 

Some random perimeter areas actually do really well too. We're a short drive to Lake Tahoe and those can get pretty crazy up there. 

It may not make sense for you, but exploring all options is wise in my opinion! 

@Taylor Steenburgen

I'm incredibly bias (so take this with a grain of salt), but I've worked with many long term and short term investors from Sacramento that look into Reno, NV. 

Have a great STR operator who can show the ropes, has an STR specific calculator, and help with set-up (furnishings, dialing in the listing, cleaners, photos, etc.).

He's been operating properties here for quite a few years. 

My understanding is there are some solid markets around Sac still in CA as well. 

Be careful not to jump into anything too quickly. 

Off-setting taxes is great, but you don't want to rush into a purchase and get a property that may not make sense. 

@Alex Khan

What a great problem to have, congrats!! 

I moved from the Bay Area to live and invest in Reno, NV. Close proximity, much better landlord laws, property taxes don't reassess on the sale, etc. 

But, if you want to stay in CA, Sonoma is a great market, and I'm very bullish on Sac as well. 

It sounds like you're leaning towards cash flow, but appreciation ultimately buys you more cash flow. 

What's the job you were doing? 

@George Villegas

Congrats man!! Love the hustle. 

I've house hacked twice in Reno, NV and it's changed my life. 

Here's what I learned and what I regret starting at 22: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

The Las Vegas market is great for multifamily, and actually a lot cheaper than Reno haha. 

I would get with a investor friendly local lender to get those types of specifics. On multifamily, I believe there is a "self-sufficiency" test on 3-4 units, so it may make sense to go conventional. 

I don't believe duplexes have this, but you should definitely verify. 

But I'd definitely start looking for lenders that specialize in small multifamily to get an idea of what you can afford, how much you'll need, and the ins and outs. 

Best of luck to you, and congratulations!!!